Can I transfer my condo to my grandaughter? There is a $63,000 home equity loan on the property.
Contact the lender and/or read the mortgage or deed of trust that you signed in connection with the home equity loan. The lender is likely to require that the loan be paid off if there is to be a change of ownership. After all, the lender made the loan based on the combination of a mortgage on the condo and your creditworthiness. If you transfer the property without the lender's knowledge, the property will remain subject to the mortgage, and you will remain liable on it if your granddaughter fails to keep the loan current. Furthermore, if the lender becomes aware of the change of ownership after the fact, it could declare the loan in default and demand repayment or foreclose on the mortgage.
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Contact the lender and/or read the 